Cameron, it is actually a very important question. You are right it means "already". Here are some examples for you to get used to its use. Yo sé la respuesta = I know the answer Yo ya sé la respuesta = I already know the answer. Ella llegó ayer = she arrived yesterday Ella ya llegó ayer = she already arrived yesterday So as you can see it is placed in exactly the same position as its counterpart in English, before the verb that it modifies. Now there is one use of this word that does not apply to "already" in English. That is when it is used in future or conditional in a negative sentence. Ella no tendrá tiempo para venir = She will not have time to come Ella ya no tendrá tiempo para venir = She will no longer have time to come. Si ella no está allá el próximo año, yo ya no tendré razón para ir If she is not there next year, I will no longer have a a reason to go there. Si llega a saber que la inversión es riesgosa, él ya no querría invertir If he finds out that the investment is risky, he would no longer want to invest. I hope this helps you.

En español de Chile también utilizamos "ya" como "claro, bueno, entiendo".